MIRA INFORM REPORT
|
Report Date : |
03.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
LONG LUCK GROUP CO., LTD. |
|
|
|
|
Registered Office : |
12/2 Soi Thientalay
7, Bangkhuntien-Chaitalay Road,
Samaedam, Bangkhuntien, Bangkok 10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
0105541049881 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer
and Distributor of Plastic Toys |
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|
No. of Employees
: |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMPANY NAME
LONG LUCK GROUP CO., LTD.
SUMMARY
BUSINESS ADDRESS : 12/2 SOI THIENTALAY
7,
BANGKHUNTIEN-CHAITALAY ROAD,
SAMAEDAM, BANGKHUNTIEN,
BANGKOK 10150
TELEPHONE : [66] 2895-7238
FAX : [66] 2895-7239
E-MAIL ADDRESS : longluck_2011@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0105541049881
TAX ID NO. : 3011963081
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 90.00%
CHINESE :
10.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VUTHICHOTE HIRANSERITHAMRONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 30
LINES OF BUSINESS : PLASTIC TOYS MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on August
11, 1998 as
a private limited
company under the
originally registered name “Chang Long
Group Co., Ltd.”
by Thai and Chinese
groups, with the business
objective to manufacture
and distribute plastic
toys to domestic
market. On January
30, 2001, its
registered name was
changed to LONG
LUCK GROUP CO.,
LTD. It currently
employs approximate 30
staff.
The subject’s registered
address was initially
located at 66/292
Moo 7, Soi
Thientalay 7, Bangkhuntien-Chaitalay Rd.,
Samaedam, Bangkhuntien, Bangkok
10150.
On October 5,
2011 the registered address
was changed from “66/292
Moo 7” to
“12/2” by the
Government district office,
actually both are
the same location.
This is also
the subject’s current
operation address
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vuthichote
Hiranserithamrong |
|
Thai |
45 |
|
[Former : Mr. Zhe Si
Xu] |
|
|
|
Note:
Mr. Zhe Si Xu changed
his Chinese name
to the Thai
name, Mr. Vuthichote Hiranserithamrong, on
May 7, 2010.
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vuthichote
Hiranserithamrong is the
Managing Director.
He is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing various
kinds of plastic
toys under its
own brand “LONG
LUCK”, as well
as importing and
distributing of plastic
toys.
PURCHASE
Most of raw materials and
components are purchased
from local suppliers,
the remaining, as
well as plastic
toys are imported
from Republic of
China, Hong Kong
and Japan.
SALES
100% of the
products is sold
locally to wholesalers.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs approximately 30
staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
Subject operates a
small plastic toys factory.
It reported
moderate sales in
the year 2011.
The products have
been served to
local market mostly in Bangkok,
which consumers are likely
to spend money
on plastic toys.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
10,000 shares of
Bht. 1,000 each
with fully paid.
The capital was
increased later as
follows:
Bht. 15,000,000 on February 27,
2007
Bht. 20,000,000 on March 27,
2007
The latest registered
capital was increased
to Bht. 20 million,
divided into 200,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE
[as at June
22, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vuthichote
Hiranserithamrong Nationality: Thai Address : 30
Soi Thientalay Yaek
6-1,
Bangkhuntien-Chaitalay
Rd., Samaedam,
Bangkhuntien, Bangkok |
170,000 |
85.00 |
|
Mrs. Lin Eiaw Hwa Nationality: Chinese Address : 300/5
Charoenkrung 43 Rd., Siphaya,
Bangrak, Bangkok |
20,000 |
10.00 |
|
Mrs. Sumalee Wu Nationality: Thai Address : 289/574
Narathiwas Ratchanakarin Rd.,
Chongnonsi, Yannawa, Bangkok |
10,000 |
5.00 |
Total Shareholders : 3
Share Structure
[as at June
22, 2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
180,000 |
90.00 |
|
Foreign-Chinese |
1 |
20,000 |
10.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Rachatakorn Eiamprasert No.
7786
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
223,822.56 |
134,199.03 |
|
Inventories |
19,636,587.95 |
21,105,790.00 |
|
Other Current Assets
|
175,924.88 |
341,524.88 |
|
|
|
|
|
Total Current Assets
|
20,036,335.39 |
21,581,513.91 |
|
Long-term Loans |
5,500,000.00 |
10,880,000.00 |
|
Fixed Assets |
64,217,332.75 |
56,192,305.29 |
|
Other Non- current Assets |
130,500,000.00 |
64,207.48 |
|
Total Assets |
220,253,668.14 |
88,718,026.68 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
17,111,013.83 |
9,640,142.55 |
|
Promissory Notes |
130,000,000.00 |
52,000,000.00 |
|
Trade Account Payable |
1,713,927.01 |
3,731,500.85 |
|
Current Portion of Loan from Financial Institution |
762,000.00 |
762,000.00 |
|
Current Portion of
Hire-purchase Payable |
- |
191,580.00 |
|
Other Current Liabilities |
233,109.25 |
127,547.85 |
|
|
|
|
|
Total Current Liabilities |
149,820,050.09 |
66,452,771.25 |
|
Hire-purchase Payable, Net of Current
Portion |
- |
111,571.28 |
|
Long-term Loan from Financial Institution |
58,105,858.08 |
10,101,514.92 |
|
Total Liabilities |
207,925,908.17 |
76,665,857.45 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
[7,672,240.03] |
7,947,830.77 |
|
Total Shareholders' Equity |
12,327,759.98 |
12,052,169.23 |
|
Total Liabilities & Shareholders' Equity |
220,253,668.14 |
88,718,026.68 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
27,252,811.73 |
27,329,415.50 |
|
Other Income |
515,865.93 |
474,197.60 |
|
Total Revenues |
27,768,677.66 |
27,803,613.10 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
20,121,690.86 |
19,920,058.99 |
|
Selling Expenses |
634,239.03 |
460,623.06 |
|
Administrative Expenses |
6,601,284.28 |
7,079,289.92 |
|
Total Expenses |
27,357,214.17 |
27,459,971.97 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
411,463.49 |
343,641.13 |
|
Financial Costs |
[17,676.00] |
[33,327.40] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
393,787.49 |
310,313.73 |
|
Income Tax |
[118,196.75] |
[93,297.84] |
|
Net Profit / [Loss] |
275,590.75 |
217,015.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.13 |
0.32 |
|
QUICK RATIO |
TIMES |
0.00 |
0.00 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.42 |
0.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.12 |
0.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
356.20 |
386.73 |
|
INVENTORY TURNOVER |
TIMES |
1.02 |
0.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.09 |
68.37 |
|
CASH CONVERSION CYCLE |
DAYS |
325.11 |
318.35 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.83 |
72.89 |
|
SELLING & ADMINISTRATION |
% |
26.55 |
27.59 |
|
INTEREST |
% |
0.06 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
28.06 |
28.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.51 |
1.26 |
|
NET PROFIT MARGIN |
% |
1.01 |
0.79 |
|
RETURN ON EQUITY |
% |
2.24 |
1.80 |
|
RETURN ON ASSET |
% |
0.13 |
0.24 |
|
EARNING PER SHARE |
BAHT |
1.38 |
1.09 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
16.87 |
6.36 |
|
TIME INTEREST EARNED |
TIMES |
23.28 |
10.31 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(0.28) |
|
|
OPERATING PROFIT |
% |
19.74 |
|
|
NET PROFIT |
% |
26.99 |
|
|
FIXED ASSETS |
% |
14.28 |
|
|
TOTAL ASSETS |
% |
148.26 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
28.06 |
Impressive |
Industrial Average |
14.38 |
|
Net Profit Margin |
1.01 |
Deteriorated |
Industrial Average |
4.39 |
|
Return on Assets |
0.13 |
Deteriorated |
Industrial Average |
4.90 |
|
Return on Equity |
2.24 |
Deteriorated |
Industrial Average |
9.98 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 28.06%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 1.01%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.13%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 2.24%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.13 |
Risky |
Industrial Average |
1.54 |
|
Quick Ratio |
0.00 |
|
|
|
|
Cash Conversion Cycle |
325.11 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 0.13 times in 2011, decrease from 0.32 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0 times in 2011,
same figure as
in 2010, then the company has not
enough current assets that presumably can be quickly converted to cash for pay
financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 326 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
16.87 |
Risky |
Industrial Average |
0.77 |
|
Times Interest Earned |
23.28 |
Impressive |
Industrial Average |
5.36 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 23.28 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.94 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.42 |
Deteriorated |
Industrial Average |
2.46 |
|
Total Assets Turnover |
0.12 |
Deteriorated |
Industrial Average |
1.13 |
|
Inventory Conversion Period |
356.20 |
|
|
|
|
Inventory Turnover |
1.02 |
Deteriorated |
Industrial Average |
5.16 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.32 |
|
Payables Conversion Period |
31.09 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.78 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.